Have food and energy price rises offset the benefit of rate cuts?

The low level of forced selling over the past few years, which has been a key support for average house prices, owes much to the low level of mortgage interest rates. But given the squeeze on real incomes already seen and with further rises in food and household energy bills on the way, mortgaged households are rapidly approaching the point where the boost to their spending power from lower mortgage payments will have been completely eroded.